Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense consisted of the following (in thousands):
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
Cost of sales |
|
$ |
243 |
|
|
$ |
233 |
|
|
$ |
326 |
|
SG&A expense |
|
11,043 |
|
|
10,753 |
|
|
11,346 |
|
Pre-tax stock-based compensation expense |
|
11,286 |
|
|
10,986 |
|
|
11,672 |
|
Income tax benefits |
|
(1,778 |
) |
|
(3,969 |
) |
|
(4,044 |
) |
Total stock-based compensation expense, net of tax |
|
$ |
9,508 |
|
|
$ |
7,017 |
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|
$ |
7,628 |
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| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for the years ended December 31:
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2017 |
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2016 |
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2015 |
Expected term |
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4.54 years |
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4.63 years |
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4.60 years |
Expected stock price volatility |
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28.91% |
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29.79% |
|
26.57% |
Risk-free interest rate |
|
1.73% |
|
1.17% |
|
1.20% |
Expected dividend yield |
|
1.29% |
|
1.20% |
|
1.26% |
Weighted average grant date fair value |
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$13.11 |
|
$13.38 |
|
$10.36 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Plan:
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Number of
Shares |
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Weighted
Average
Exercise
Price |
|
Weighted Average Remaining Contractual Life |
|
Aggregate Intrinsic Value (in thousands) |
Options outstanding at January 1, 2015 |
|
2,640,785 |
|
|
$ |
28.00 |
|
|
6.50 |
|
$ |
43,682 |
|
Granted |
|
500,761 |
|
|
48.46 |
|
|
|
|
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Cancelled |
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(172,018 |
) |
|
34.59 |
|
|
|
|
|
Exercised |
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(680,658 |
) |
|
25.63 |
|
|
|
|
|
Options outstanding at December 31, 2015 |
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2,288,870 |
|
|
32.69 |
|
|
6.50 |
|
38,209 |
|
Granted |
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430,544 |
|
|
56.63 |
|
|
|
|
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Cancelled |
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(117,699 |
) |
|
47.33 |
|
|
|
|
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Exercised |
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(450,173 |
) |
|
29.25 |
|
|
|
|
|
Options outstanding at December 31, 2016 |
|
2,151,542 |
|
|
37.40 |
|
|
6.39 |
|
45,253 |
|
Granted |
|
540,537 |
|
|
55.90 |
|
|
|
|
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Cancelled |
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(246,450 |
) |
|
50.62 |
|
|
|
|
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Exercised |
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(675,742 |
) |
|
29.52 |
|
|
|
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|
Options outstanding at December 31, 2017 |
|
1,769,887 |
|
|
$ |
44.22 |
|
|
6.69 |
|
$ |
48,962 |
|
Options vested and expected to vest at December 31, 2017 |
|
1,704,394 |
|
|
$ |
43.77 |
|
|
6.61 |
|
$ |
47,904 |
|
Options exercisable at December 31, 2017 |
|
875,433 |
|
|
$ |
34.17 |
|
|
4.95 |
|
$ |
33,016 |
|
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| Schedule Of Weighted Average Assumptions for Restricted Stock Units |
The following table presents the weighted average assumptions for the years ended December 31:
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2017 |
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2016 |
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2015 |
Vesting period |
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3.87 years |
|
3.57 years |
|
3.82 years |
Expected dividend yield |
|
1.30% |
|
1.08% |
|
1.14% |
Estimated average fair value per restricted stock unit granted |
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$52.45 |
|
$55.93 |
|
$51.07 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity under the Plan:
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Number of
Shares
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|
Weighted Average
Grant Date Fair Value Per Share
|
Restricted stock units outstanding at January 1, 2015 |
|
658,760 |
|
|
$ |
31.03 |
|
Granted |
|
207,040 |
|
|
51.07 |
|
Vested |
|
(243,765 |
) |
|
28.09 |
|
Forfeited |
|
(68,746 |
) |
|
34.57 |
|
Restricted stock units outstanding at December 31, 2015 |
|
553,289 |
|
|
38.85 |
|
Granted |
|
205,734 |
|
|
55.93 |
|
Vested |
|
(235,059 |
) |
|
33.98 |
|
Forfeited |
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(57,489 |
) |
|
46.35 |
|
Restricted stock units outstanding at December 31, 2016 |
|
466,475 |
|
|
47.23 |
|
Granted |
|
270,169 |
|
|
52.45 |
|
Vested |
|
(176,654 |
) |
|
42.32 |
|
Forfeited |
|
(110,515 |
) |
|
48.13 |
|
Restricted stock units outstanding at December 31, 2017 |
|
449,475 |
|
|
$ |
52.07 |
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